Better Communication Helps Adviser Boost Retention

By

Niki Reading

Oct. 25, 2012 10:48 a.m. ET

Mark Chmielewski thought that earning a healthy return on his clients' investments was the key to keeping them happy. But something bothered him: His retention rate hovered around 90%. Why were 10% of his clients leaving?

Then, a longstanding client's experience delivered a wake-up call. The client, a retiree in his early 70s, seemed to be pleased with Mr. Chmielewski's services--until the day the adviser received a transfer notice...